HT1310: How to choose a startup disk on your Mac

HT1310 OSX Lion infinite boot loop

I have a mid 2010 27 inch iMac and I get a endless loop upon booting. The only thing I can do is to restore it with the cd given to me and reinstall the OS. Which isn't convinent any ways I can fix this? I have it running on Lion 10.7 with the most up to date updates.

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